The first problem most people encounter when shopping for an engagement ring is how much should one actually spend on this piece of jewelry. Most online articles will tell you to follow the 3-Month Salary Rule. If you don’t know what this is, you simply take 3 months’ worth of your salary and that’s how much you should spend on your engagement ring. You might be wondering if this is actually a rule to follow AND if it’s possible to spend less on a diamond ring and still get a beautiful piece of jewelry at a lower cost. Here’s everything you need to know.
Is the 3-Month Salary Rule True?
The 3-month salary rule is a good guide that will help you control how much you should be spending on your engagement ring. It’s never advisable to spend a large amount of your life’s savings on one piece of jewelry. But it’s fair to say that the pressure to spend a lot of money on a diamond ring is very real.
The most recent trending topic on engagement rings is the Actor Megan Fox’s engagement ring, given by her now fiance, Musician Machine Gun Kelly. The groom-to-be reportedly spent $400,000 on the one ring. This is just one example of many celebrities that are celebrated for spending half a million dollars on their engagement rings. Not to mention the constant reminder that ‘the bigger the diamond, the better; an idea that we often see in films and television shows.
What most people don’t realize is that the 3-Month Salary Rule to spend on an engagement ring actually began as an AD campaign by De Beer’s Group to encourage men in the 1980s to spend more on engagement rings.
What is now known as the 3-month salary rule is simply a suggestion but shouldn’t at all be the ultimate rule to follow. You can use this as a guide to help you identify what amount you can afford for an engagement ring, but you also have the freedom to choose the amount according to what you WANT to spend.
How Much Should I Spend on an Engagement Ring?
To answer this question, let’s start with how much other people are spending on their engagement rings. At Brillianteers, the average money spent on an engagement ring ranges from $3,000 to $6000. According to a 2020 study by Bride’s American Wedding, the average consumer spends $3,700 on a diamond ring. Putting this into perspective can give you
The amount you spend on your engagement ring will depend entirely on the following factors.
1. What can you afford?
Engagement rings can range in price from $500 to $20,000. It’s difficult to give a ballpark figure on how much you should spend on an engagement ring without identifying what you can afford. You have the freedom to choose this value according to your own financial situation. Choose a value that you are comfortable with, there are many affordable engagement ring brands and designs to choose from that work within different engagement ring price points.
2. How much do you plan to spend on your future wedding, honeymoon, & wedding rings?
A wedding is expensive and you’ll need to set a budget for that alongside your engagement ring, honeymoon, and wedding ring funds. Planning this will give you a better idea of how much you can spend on an engagement ring.
3. Do you want a simple diamond ring or an extravagant one?
The design you have in mind also factors in on the decision. You’ll need to consider the cost of different design styles. Have a look at the cost of our top-selling engagement rings, you can take note of the different ring designs and identify which price range works for you.
4. What ring does your partner want?
Another factor to consider is what design your partner wants. If she’s someone who has a taste for expensive things, she will most likely have a good idea of the cost of different ring designs and want the more luxurious choice. On the other hand, if she isn’t one to splurge on expensive accessories, something minimal (and affordable) is the better choice.
5. Do you plan to pay in full or with a payment plan?
This is a big factor to consider as how much you spend on your engagement ring may depend entirely on what payment option you choose. If you’d prefer to pay for a ring in full, you’ll have to stick to what budget you can afford. You have the choice of a payment plan to help you pay for the more expensive ring designs. We have 3 options for payment plans and a layaway plan for you to choose from.
Whether or not you follow the 3-month salary rule, It’s best to consider these factors before shopping for engagement rings. How much you should spend on an engagement ring will depend entirely on what you can afford, what design you want, and how you plan to pay.
Engagement Ring Designs at Different Prices
As previously mentioned, there are different engagement ring designs at different price points. You can either choose to shop according to your budget or the engagement ring design you plan to buy. Learn more about different engagement ring styles to identify what works within your budget.
What can I buy with a $2000 engagement ring budget?
If your goal is to spend under $2000 on an engagement ring, you can choose minimal solitaire diamond ring designs, or engagement rings with a smaller center diamond (0.50ct to 1ct). You also have the choice of shopping for diamonds with an eye-clean clarity grade; diamonds with inclusions that are not visible to the naked eye. VS2 to VVS1 diamonds are eye-clean. Another option is to choose clarity-enhanced diamonds. These are significantly affordable diamonds that have been chemically treated to reduce the appearance of inclusions.
What can I buy with a $4000 engagement ring budget?
The $4000 budget range for engagement rings will give you larger center diamond options (1.5ct to 2.5ct), and engagement ring designs with more intricate details such as accent diamonds and beautiful settings. It is still a relatively affordable budget but you’ll have a larger variety of ring designs to choose from.
What can I buy with a $5000 to $10,000 engagement ring budget?
You can choose 2ct to 4ct center diamonds, high clarity gradings, and near colorless diamonds. With a larger budget, your options are wide open. If you want to work with a larger budget but can’t afford a one-time payment, you also have the choice of payment plans that will give you the chance to pay in smaller intervals and still get the ring you want.
Is 1 carat big enough for an engagement ring?
The size of the diamond for an engagement ring depends on personal preferences and budget. A 1-carat diamond is a popular choice and can be considered a decent size for an engagement ring. However, what may be considered “big enough” varies from person to person. It’s important to prioritize quality, cut, and overall appearance alongside carat weight to ensure the ring is both visually appealing and meaningful to you and your partner.
Conclusion – There’s no specific value that you should spend on an engagement ring
The 3-month rule is a good guide on how much you can spend on an engagement ring, but this isn’t a standard that the jewelry industry insists on. What you spend on an engagement ring will depend entirely on what you want to spend. The choice is yours to make. At the end of the day you should be happy with your purchase and not let this be a burden to your savings.
